Thank you, Sergey! Committed and proposed for backport. A similar (but not the same) problem exists with copies in "svnrdump dump": https://issues.apache.org/jira/browse/SVN-4672 "Fix svnrdump to handle subtree references"
Would you be interested in investigating that one too? It would be good if "svnrdump dump" could re-use the same solution as "svnadmin dump". - Julian